The 12-month MoU will "explore housing opportunities presented by the Ministry of Housing and identify ways to deliver innovative affordable housing solutions that meet the expectations of the stakeholders, and can be delivered on fast-track basis", Red Sea said in a filing on Saudi bourse, Tadawul.

Red Sea's statement added: "There is no material financial impact at this point in time resulting from signing the MoU.

"Any material information related to signing the MoU will be disclosed in due course."